This article appeared in Computer Science in Economics and Management (now Computational Economics). Parameter estimation problems for nonlinear systems are typically formulated as nonlinear optimization problems. For such problems, one has the usual difficulty that standard successive...

Iowa's farmland consists of over 16% hay crops and pastureland, a significant portion of which is under cash rental contracts. This study investigates the comparative relationships between cash rental rates for cropped land and non-cropped land, where the latter includes hay and pastureland. We...

Bilateral contracts are important risk-hedging instruments constituting a major component in the portfolios held by many electric power market participants. However, bilateral contract negotiation is a complicated process because it involves risk management, strategic bargaining, and...

The primary goal of these introductory notes is to promote the clear presentation and rigorous analysis of dynamic economic models, whether expressed in equation or agent-based form.  A secondary goal is to promote the use of state-space modeling with its respect for historical process, for...

Real-world decision-makers are forced to be locally constructive, in the sense that their actions are constrained by the interaction networks, limited information, and computational capabilities at their disposal.  This study poses the following question:  Suppose utility-seeking consumers and...

The primary goal of these introductory notes is to promote the clear presentation and rigorous analysis of dynamic economic models, whether presented in equation or agent-based form.  A secondary goal is to promote the use of state-space modeling with its respect for historical process, for...

The primary goal of these introductory notes is to promote the clear presentation and rigorous analysis of dynamic economic models, whether presented in equation or agent-based form.  A secondary goal is to promote the use of state-space modeling with its respect for historical process, for...

The recent economic crisis has led to calls for a comprehensive restructuring of energy, financial, health care, and educational systems. Critics worry the restructuring of these complex institutional arrangements could produce adverse unintended consequences. Given these concerns, pre-testing...

The definition of emergence remains problematic, particularly for systems with purposeful human interactions.  This study explores the practical import of this concept within a specific market context: namely, a double-auction market for wholesale electric power that operates over a...

This study uses 5-bus and 30-bus test cases to explore ISO net surplus (congestion rent) collections and allocations in wholesale power markets with grid congestion managed by locational marginal prices (LMPs). Price-sensitivity of demand and generator learning capabilities are taken as...